Singapore Branch + Singapore Bank Account
We will manage all the paperwork and aspects relating to the registration of your Singapore Branch. We are authorized by ACRA to act as a filing agent. We get special access to the ACRA system to complete the registration on behalf of foreign clients.
Immediately after the Singapore Branch Office registration, we will arrange your meeting with a leading Singapore based bank. In most of cases the bank representative will visit our office.
Every Singapore entity must have a local registered address in Singapore. Since as a foreigner you are not likely to have an office address, we will provide our office address at the time of Singapore Branch Office Registration. Important correspondence, in this case, will be received at our office.
Filing of your branch’s Annual Return with ACRA.
One hour free advisory on any matters relating to your company or on matters like GST, CPF, Licensing etc.
If you plan to run your business remotely from your home country then please select this option. In this case, you will need resident agent service on an annual basis.
If you plan to apply for Employment Pass after Singapore Branch Office Registration and relocate to Singapore then, please select this option. In this case, we will file your employment pass, after the branch is registered.
Working with us is easy. Once you confirm you are engaging our services, Our team will start the work and help you at every possible step.
Broadly the steps involved are as follows:
Submit scanned copies of all the required documents like passport copies, proof of address, parent company shareholding details, parent company constitution, KYC form, and Company registration form. Once received our team will go through this and confirm all ok.
We will reserve the name chosen by you. Normally there is no rejection as the law states that the branch office must follow the parent company name. words like “Singapore Branch” will get added to the name.
Once all the KYC and paperwork are completed we will proceed for Singapore Branch office Registration for you. There is no need for you to visit Singapore in this period. Once the registration is completed we will send you bizfile and all related documents to you.
After the procedures for Singapore Branch Office are completed, you will need to visit Singapore for a bank account opening. A personal visit is required for this.
1-2 Weeks depending on your convenience
Bank takes 3 weeks to complete all formalities. We will courier you all documents
To register a Singapore branch office, the list of the documents and correspondence required are mentioned below:
Any documents in any language other than the English must be translated into English Language before submission of the documents. Other than this, the Corporate Secretarial Firm that you hire may ask for additional documents, if required.
It is a matter of few hours to file for the registration of a Singapore Branch Office. As the whole process is computerized registration application procedure can be completed in a short period of time. However, depending on the following factors, it may take anywhere from one day to few days to complete the overall process:
In accordance with the CSP Regulations that have taken effect from July 2015, all the professional firms need to execute a KYC (Know Your Client) process for registration of the Singapore Branch office. The time in which this process gets completed depends upon the nature of the structure and complexity of the company organization and policies.
You will need to send us all required documents in orderly manner, so that we can proceed for registration.
The signing of the registration document is a quick and easy process if you are present in Singapore. On the other hand, the logistics involved in signing and sending the signed documents can take a few days if you are located overseas.
It is imperative for the Singapore Branch office to employ at least one person as their authorized representative, who should be a resident of Singapore. The eligibility criteria of such individuals have been clearly laid out by the ACRA Singapore. An individual should fulfill at least one of the below-mentioned eligibilities to be appointed as authorized representative of Branch office Singapore:
There is no minimum qualifying requirement for branch office registration in Singapore. So long as you provide all the required documents, and satisfy all other requirements you can register the branch office.
Majority of the small to medium size foreign companies prefer to register a subsidiary company or office in Singapore because of the following key reasons:
Visiting Singapore is not required to register a Singapore branch office for your company. The relevant authorities in Singapore can work with you via emails and also through the hard copy documents sent through couriers, in order to get the mandatory work done. On the other hand, a visit to Singapore might be a necessary requirement if you wish to open a corporate bank account. All the banks in Singapore ask for an interview with the stakeholders for the opening of the bank account. For most banks, the meeting can be arranged at the bank or in our office.
It is not mandatory for an overseas company to register a Singapore branch office or a subsidiary in Singapore. However, it is the most preferred option. Almost all the overseas companies prefer to register a subsidiary in Singapore because of many valid reasons. The liability of a subsidiary company does not extend to the parent company and remains limited to the share capital in the parent company. Moreover, the subsidiary company enjoys the benefit of a double tax treaty. And that is not all; the subsidiary company is considered as a local resident entity, which makes it eligible for all the incentives and tax benefits that are offered to the local companies of Singapore.
A Singapore branch office is not a separate legal entity but is an extension of the parent foreign company. Contrary to the Singapore subsidiary, the parent company is indirectly accountable for the debts and liabilities of its Branch office in Singapore. As per the law, any claimant who has a branch office located in the Singapore jurisdiction can initiate a legal proceeding against the headquarters through the Singapore courts of law.
The name of the branch office Singapore should correspond to the name of the foreign parent company. The words like “Singapore Branch” will be automatically added at the end of the name
The branch office Singapore should appoint a minimum of one authorized representative who has to be the resident of Singapore, i.e. a Singapore citizen, a permanent resident, or a foreigner who has been issued an employment pass in Singapore. The agent’s eligibility and requirements are well laid out. According to which the agent should be at least 18 years or above. In addition, if foreign companies need to relocate one or more of their staff members from the head office to Singapore, they can apply for employment pass after the branch has been registered for such individuals.
The foreign company’s Constitution directs the shareholders, structure of the company, and its activities. The Branch office in Singapore follows the same constitution. There is no separate constitution made for it. The parent company’s constitution will have to be lodged at the time of the Singapore Branch Office Registration.
According to the law, the Singapore branch must have an office located in Singapore with a registered address. The Singapore Companies Act needs the Branch office Singapore to mark its name, place of incorporation on all the documents and correspondence regarding business, and also outside its place of business in Singapore.
A Singapore Branch office is a non-resident entity. For all purposes of tax and litigations available are meant for resident companies only. Non-resident companies are not entitled to tax benefits resulting from the tax incentives and tax treaties. The present rate of corporate tax is 17%. In order to get detailed information on corporate taxes, visit Singapore corporate tax guide.
the Companies Act Section 373 needs a foreign company to file its audited accounts and Annual Report of its Singapore branch office within 2 months of its Annual General Meeting (AGM), or within seven months from the culmination of its financial year whichever is earlier. Also, each Singapore branch office is required to file a Tax Return on an annual basis.
the revenue amount and estimated chargeable income are required to be declared by Singapore Branch offices by filing with Tax Authority an ECI form within 3 months of the finalization of the accounting period for the branch.
The revenue which is required to be disclosed in the ECI form denotes the branch’s primary source of income, and it excludes items like capital gains on disposal of fixed assets. Therefore, even if the Singapore branch office estimates its chargeable income as Zero, it is still liable to file a Nil ECI.
Companies Act in Singapore clearly lays out the accounting standards to be maintained in Branch Office Singapore. These are known as Financial Reporting Standards (FRS). and are a must to be prepared in line Singapore FRS. They must include an audited statement of its assets and liabilities and its profit and loss accounts of its operations in Singapore.
The standards of reporting in Singapore are strictly in line with the aligned International Financial Reporting Standards (IFRS) framework.
As a Singapore branch office, it is imperative for you to:
The Singapore income tax system in its structure and organization works on the annual system. The statutory tax year for which the income tax is calculated and charged is commonly known as the Year of Assessment. On the basis of taxation, Singapore adopts the preceding year. In other words, the assessment for the current Year of Assessment is based on the profit or revenue of the accounting year ending in the prior year.
30 November of Year of Assessment (YA) is the statutory deadline for filing corporate income tax returns. For example, if April 1, 2016 – March 31, 2017, is the accounting period of your branch office, November 30, 2018 (paper filing) or December 15, 2018 (e-filing) will be the income tax return deadline for the company.
For the annual filing, Branch Office agents are responsible and accountable for complying with the requirements. Any lapse or failure to adhere to the statutory compliance requirements if a culpable offense and may result in the fine and prosecution.